Hut 8 Corp. (NASDAQ:HUT) Sees Large Increase in Short Interest

Hut 8 Corp. (NASDAQ:HUT) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totalling 10,160,000 shares, a growth of 27.3% from the December 15th total of 7,980,000 shares. Approximately 12.2% of the company’s stock are sold short. Based on an average daily volume of 6,950,000 shares, the short-interest ratio is currently 1.5 days.

Hut 8 Price Performance

HUT stock traded up $0.33 during trading on Friday, hitting $26.92. 10,163,151 shares of the company’s stock traded hands, compared to its average volume of 5,377,196. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 1 year low of $6.18 and a 1 year high of $31.95. The business has a fifty day simple moving average of $25.12 and a two-hundred day simple moving average of $17.61.

Institutional Trading of Hut 8

Several large investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 in the 3rd quarter valued at about $9,997,000. Paloma Partners Management Co purchased a new position in Hut 8 during the third quarter worth approximately $834,000. State Street Corp boosted its stake in Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after buying an additional 307,292 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Hut 8 by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after acquiring an additional 26,324 shares during the last quarter. Finally, D1 Capital Partners L.P. purchased a new position in shares of Hut 8 during the 2nd quarter worth $17,388,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on HUT. Keefe, Bruyette & Woods began coverage on Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. HC Wainwright upped their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus raised their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 target price on shares of Hut 8 in a research note on Monday, January 13th. Finally, Craig Hallum boosted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $33.00.

About Hut 8

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.